Michigan Online Casinos Generate $159.4 Million in Second-Best Month Ever

Jessica Aletor
By:
Jessica Aletor
26/05/2023/
News
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Highlights

  • April 2023 became the second highest revenue generating month in the history of Michigan online casinos.
  • The casinos also pooled a 20% increase on a year-over-year comparison with April 2022’s figures.
  • As it stands, Michigan online casinos have now crossed $3.3 billion in lifetime revenue.

Unlike their sports betting counterpart, Michigan online casinos have had a tremendous start to the year, breaking the record for the highest revenue grossing month twice already. In March 2023, online casinos in the Wolverine State generated a whopping total of $171.8 million in revenue, the highest in the nation for a short while.

Although it may be quite hard to hit that target again, the industry topped its second-best revenue record as figures from the Michigan Gaming Control Board have shown. BetMGM Casino MI also stands ahead, contributing the most Michigan iGaming throughout the month of April.

Lifetime iGaming Revenue in Michigan Crosses $3.3 Billion After April’s Figures

Michigan online casinos generated a revenue of $159.4 million in April 2023. While this appears to be a negative development in comparison to the record-setting $171.8 million posted in March, it is still good news in the overall context. April’s revenue means that Michigan online casinos have passed the second-highest monthly revenue of $153.7 million recorded earlier in January 2023.

For many stakeholders, March figures are one-of-a-kind and may be quite difficult to break in the first half of the year. However, on the bright side, the industry did well on a year-over-year comparison and may well cross $4 billion in lifetime revenue before the end of the year.

Revenue from April 2023 indicated a 20% rise from the same period in 2022, when Michigan online casinos reported $132 million — a state record back then. Currently, the lifetime revenue for Michigan online casinos stands at $3.3 billion. If the trend of generating north of $150 million in revenue continues for the next five months, the state could cross $4 billion in lifetime gambling revenue by September.

PointsBet Struggle Amid News of Acquisition While Caesars and WynnBet Achieve Personal Best

Generally, the financial atmosphere has been positive for most online casinos in the Great Lakes State. But PointsBet has had it slightly rough in the past few months. The operator has consistently emerged last in the rankings of highest revenue grossing online casinos brands in the state. In April, the operator posted $1.4 million, finishing slightly lower than newcomer SI Casino MI which pooled $1.5 million in iGaming revenue.

PointsBet has also been in the news for a recent acquisition by Fanatics who are on the verge of taking over the brand’s US operations. The deal awaits a vote by shareholders, after which Fanatics will have access to PointsBet sports betting and online casinos across multiple states, including Michigan.

There was also a cryptocurrency email scam in the second week of May directed at unsuspecting PointsBet customers. It is noteworthy that the operator dealt with it swiftly, assuring customers of their privacy and security. However, these events could not have had an impact on April’s revenue as they happened in early May 2023.

On the flip side, other casino operators like Caesars Casino MI have posted record monthly revenue in April. The operator generated $8.7 million in the month, crossing its previous record of $7.2 million by over 20%. This figure shot Caesars to the fourth highest operator by revenue for the month of April, its highest position ever, rising above BetRivers’ $8.3 million revenue. 

WynnBet Casino MI also recorded a personal best of $5.7 million, slightly ahead of its November 2022 revenue of $5.6 million. Nevertheless, BetMGM Michigan Casino still ranks as the overall highest grossing operator after it pooled $51.2 million April alone. FanDuel and DraftKings could only come distant second and third, respectively.

Michigan Online Casinos on Course to Top $1 Billion Tax Revenue

Taxes have been a great source of revenue for Michigan through its online casinos, and April was an impressive month. Online casinos paid $29.6 million in taxes to the state and another $13 million to local entities. This brought this total of $42.6 million. Cumulatively, Michigan online gambling has now generated $859.3 million in taxes for the Wolverine State.

At the current rate, online casinos in the state may well cross a lifetime tax revenue of $1 billion before the end of the year. Together with sports betting, iGaming and retail casinos are said to generate almost $2 billion annually in tax revenue for the Michigan government and local authorities.

Jessica is a news contributor to Gamble Online Michigan. She holds a Bachelor's degree in Economics but has over three years of experience working in the hospitality and gambling industry. Despite her core finance and investment banking background, she has been a casino feature writer for N1 Interactive Limited and multiple gambling affiliate sites. Her work has been featured on the bet365 blog, casino.zone and Max Force Racing. She spends her time between Michigan and California, staying up-to-date on the latest industry developments